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Ask the Readers: Items Worth the Extra Money?

From time to time, I get queries from reporters asking me to comment on particular personal finance topics. I do my best to help these folks, especially when they ask something interesting.

Recently, Katie from CNBC dropped me a line with a question that actually stumped me: For which things should people be willing to spend extra money? Here’s an edited version of her e-mail:

I’m working on a piece for our personal finance section and was wondering if you would be available to answer a few questions. The article is about 10 items that consumers should shell out the extra money on.

For this post, I’m not just focused on items that will save a few pennies. I’m focused more on the items that are worth the extra bucks because the quality/use a consumer will get out of it is worth it (but items that will save big bucks would be great also!). For example, consumers will probably want to spring for a high quality suit that they can wear for a long time vs. buying a less expensive one that will unravel the next week.

I was hoping you could offer maybe four suggestions for items/experiences that are worth spending money on and explain why you think that.

It was tough for me to come up with any one-size-fits-all answers to this question. Your answer will depend on your priorities. If you like to cook, for instance, then quality cookware and cutlery are well worth the money. But if you don’t ever spend time in the kitchen, these things are a waste of money. If fitness is important to you, then spending money on gear and events and trainers is an excellent investment. If you don’t use the stuff, it’s money down the tubes.

But as for general items that anyone could feel comfortable spending money on? Well, that’s a little more difficult to discuss.

I guess that I would argue food is one area where consumers shouldn’t cut back. Too many people do and it takes a toll on their health. Yes, buying fresh fruits and vegetables is more expensive, but the nutrition is so much better than convenience foods found in the freezer section of the grocery store.

Actually, I don’t think people should scrimp on anything related to health, whether that’s food or exercise or health insurance. No, you shouldn’t pay for things you won’t use, but if you are going to use it, then there’s nothing wrong with an expensive gym membership.

Also, I think people should be willing to spend on education. I don’t just mean college — although that’s definitely important (college grads get paid far more, on average, than those who don’t go) — but also community ed courses and seminars and so on. Any personal development is a good investment, if you ask me. But only if you act on the things you learn. Just going to a bunch of seminars won’t make you a better person. You have to put the things you learn into practice.

Note: This question reminds me of one of my favorite early posts here at Get Rich Slowly, a post that nobody else seemed to like: Choosing quality over price In that article, I list a bunch of companies that have built their businesses on providing quality products that are worth their premium prices.

What do you think? First, what are you willing to pay extra for? Second, do you think there are certain general items for which all of us should be willing to spend extra? And is it ever really fair to say that you can save money by spending more?

For me, this is easy. I’m willing to pay more to buy products from companies whose values and ethics align with my own. For example, I’m willing to spend more if it’s from a company that doesn’t animal test or is located in the USA and employs American workers. When I have a choice on either or both of these, I’ll spend more even if the alternative is cheaper. I vote with my dollars, not only look to save money!

Yes! Yes! I believe (but have no data to back up this thought) that spending a little more money on American made products made by American workers saves us money and the health of our communities. If not right away then in the long run. I can’t see how cheap products made overseas save us any money if American workers are out of jobs. American workers simply selling the cheap stuff at a junky store doesn’t qualify as a fair trade off. Just IMHO;)

I will spend more to support my ethics/values: no animal testing, better for the environment, companies that do some good for the world, etc.

There are a few clothing items that I know I’ll wear until they wear out, so I’ll spend more on those. With most clothing, though, I’m more likely to get sick of it or change sizes well before it wears out, even if it’s cheap. There are a few hygiene/makeup items I’ll spend more on because they actually do what the company claims they do.

I’ll spend more for quality housing, and my main definition of quality means paying more for a location that I want to live in. I live in a very expensive city, so I sacrifice a lot of money, size and other amenities to live in a central, trendy area.

I used to think I needed to spend more on quality food to eat healthier, but in fact, most healthy food is much cheaper than processed or unhealthy food. In-season and on-sale fruits and vegetables are very cheap. Bulk foods (whole grains, lentils, beans, etc) are very cheap. Eating healthy and well can be very affordable. I think people use the “it’s expensive” claim to excuse their poor eating choices. Or because they want some fancy, tropical fruit in the middle of winter.

Generally though, I think most people should avoid the “spend more for quality” justification, because it’s just that: a justification to buy more things they don’t need with money they don’t have. If you have extra money, buy quality. I you don’t, buy cheap. Sadly (for the environment) cheap stuff is so cheap these days that it’s often more cost effective than quality stuff.

the shoes! first thing that came to my mind.
whenever i cheap out and buy a little flimsy pair of shoes, they disintegrate faster than i think they will. conversely, my expensive leather boots are on their 4-5th re-soling. ($15ish a pop). the only bummer is now they need new zippers ($50 total) and i don’t have $50 to drop on shoes atm…

i agree it’s important to buy quality items for things you’d use often, but this changes from person to person. i love my high-quality cookware and use it daily, a buddy of mine has low-end cookware and is perfectly fine with it since he doesn’t cook super often. i’m sure it’s important for someone out there to have a reliable quality car, but here in the city i have no need for one and it would just be an albatross… etc.

also dont skimp on doctors/health. anecdote: i had a random pain in my guts, went to the local cheap looking doctor, in a dimly lit office who wanted to just go straight in, knife first, and i would “only” have a 5″ scar (!). a few expensive doctors later, turns out i was just fine and did not need surgery. i still shudder to think i almost went along with dr. cheapo’s plan.

Re: cheap shoes
I admit I do end up paying low amounts for shoes (mens), but how do people identify cheap shoes? MSRP, brand recognition, knowledge about shoe construction techniques? The shoes I buy ostensibly have a fairly comparable MSRP to other shoes, but I’ll looke for a good sale or deal. Does this make them cheap shoes, or average shoes but on discount? Are shoe discounts indicative of quality, or more like the typical fashion items, meaning out of season.

So being a bit self-concious now, is it actually easy to tell cheap shoes from non when someone is wearing them? They usually look fairly similar side by side in the shoe store to me at least.

The one item I was happy to spend a bit extra on was a good mattress – you spend 1/3 of your life there, and a bad night’s sleep can mess up the rest of your day, so I figured the extra few hundred dollars’ investment in my comfort and happiness was well worth it

Footwear–good shoes that won’t fall apart and support my feet matter for both health and comfort. I’ve had female relatives go through bunion surgery and it looked horribly painful.

Furniture–”buy cheap, buy twice.” I’ve moved frequently, and to me the cheap stuff never holds up. I’ve had to replace things in 3 or 5 years that should have lasted longer than that because the particleboard just couldn’t survive a move. That isn’t practical (for us). So we now save and buy good furniture when we need to replace.

Mattresses–A quality night’s sleep means a lot to good health. If you aren’t sleeping well, this has long-term ramifications for your overall health. A quality mattress means we both sleep soundly, 7-8 hours a night (we make sleep a priority too).

She only asked for four, but quality cookware matters to me too. I cook a lot, so solid cookware that won’t fall apart on me makes a difference. We don’t have a lot of pots, pans, and knives, but what we do have is good quality. I also feel this way about most clothing too–buy solid pieces, not a lot, that will last and that you love.

Interesting question–and to me, knowing where to spend money so that you don’t end up wasting money in the long run is a key component of saving.

I think this idea of quality can be extrapolated to almost everything. I used to knee-jerk buy the cheapest version of an item every time, but now I’m always willing to look at the more expensive version if I thin it is a better value.

Having control of our finances gives us the freedom to make those value judgments.

Amen. I’ve found cheap shoes to be just about the worst investment I can make wardrobe-wise.

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Jaimesays:

25 May 2012 at 5:36 am

I agree. I will never buy cheap furniture. I made the mistake of doing that a couple of times and it really not only wastes time but money too.

Clothes, shoes, or anything that you use on a daily basis you should spend extra on. I want to add, health insurance.

There are cheap health care packages out there but don’t buy them. I made the mistake of buy one and it was such a poor plan that I ended up cancelling it. Shop around for good health insurance.

Since we have so many sales in the 21st century, try to find quality items that go on sale. I know this is nothing new but so many people forget this and they go for the cheap stuff that falls apart.

In the long run it costs you not only time but money as well to replace everything. I also agree with J.D. on spending money for a gym membership.

Personally I like 24 hour fitness because its month to month, no contract unless you want to hire a trainer. But its worth it especially if you don’t want to worry about upgrading gym equipment in your own house.

Sometimes you read articles on how gym memberships are wasteful but its only wasteful if you waste your membership and don’t go. But if you go and you work out then its worth it.

I don’t work for 24 hour fitness, but they’re a gym that I like so I’m happy to endorse them.

I’m surprised when people say they need the best tools for their hobbies but won’t fork over the cash to buy decent knives and pots. Good tools make all the difference, and why not spend the cash on something you use everyday?

When I got my first apartment, I treated myself to a decent set of pots and a good set of knives — but I waited for sales and only bought what I needed.

Jen nailed it. I don’t have much to add, except I have note how frustrating it is to try to buy good furniture. I grew up in a home with heirloom-quality furniture. Today people seem more interested in paying a dime for throw-away stuff, and it is actually pretty hard to buy, say, a really good chest of drawers with dovetail joints. I HATE shopping, and I don’t need to redecorate by buying new furniture every decade. I wish it were easier to find high-quality stuff that won’t need to be replaced in my lifetime (or even beyond that).

As I stated in a previous comment, I got all of my solid wood, quality furniture from yard-sales and estate sales. It takes time and a little effort, but I got many items for pennies on the dollar depending on where you go. The wealthier the neighborhood, the better deals you can score for quality pieces.

Given the problems with bedbugs these days, do you get nervous about buying used furniture? My sister got bedbugs and ended up having to get rid of all of her furniture, put most of her belongings that could be salvaged into storage for one year and move out of her apartment. Eradicating them is so difficult that I shudder at the thought of getting them — especially because we own a home. I have to say, I’m no longer willing to take the risk by buying used furniture. Maybe if I had a dog trained to detect bedbugs with me….

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Jaimesays:

26 May 2012 at 9:28 am

I recommend going to the high end furniture stores which are usually located in middle class and upscale neighborhoods. Amish furniture stores are also good for quality furniture. Try Antique Stores as well.

I have thought of going Amish. I know someone who had something custom-made for him that way.

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Cat Martinsays:

25 May 2012 at 4:30 am

If I had to pick just one item that is worth the extra money then I would say good quality shoes. I have learned it is not worth spending $10 bucks on a pair of sort of okay shoes that last me a few months and don’t really fit right. It is better in the long run to spend more money on shoes that fit well, are comfortable and last. And usually if the money is spent on a better quality pair of shoes, in the long run I spend less money because I am not having to shell out another few bucks every 3-4 months to replace the okay shoes.

I agree on most of what you said, and also the commenter that said footwear.

I also think there are some elements of technology you shouldn’t cheap out on. I’m not ever an advocate of buying the most expensive computer, tablet, or phone, simply for the fact that they’ll be second best within hours, but buying the cheapest one will often lead to frustration, as there’s a reason it’s the cheapest. Either buy the six-month ago best one (at likely a much better price) or get something in the second tier of cost but where you’ll likely receive quality.

Winter coat – I wear mine every day all season, so one that’s got a bit of style, is durable and warm is worth an extra few quid to me. I spent £60 and it lasted one season and I shivered and the buttons fell off and I looked like everyone else. Next year I spent £30 more on a nice dense good quality wool one with a nice cut and some cute details, and the coat is still looking great 3 years on.

Pots and pans – decent ones last a lifetime, or longer

Tools

Direct flights – the aggro of indirect flights is not not worth the price to me

Pasta – the cheap stuff does not compare

Groceries in general – because if you don’t plan properly and underspend, you end up eating out and eating junk

I second direct flights. I told my husband I don’t care where we live as long as there is water nearby and an international airport. I hate layovers and I hate having to drive to the airport and deal with a car. Taxi! O’Hare airport, terminal 3, International, please.

Yes, yes, yes! to the winter coat! I got mine as a Christmas present over 10 years and it’s STILL in top condition! It’s a Land’s End parka, and I wear it almost every day in the winter. It cost more than other brands, but it keeps me warm and dry and I haven’t had to buy a new coat for years. I’m guessing I won’t need a new coat for another 5-10 years.

And I agree on direct flights. Flying is stressful enough, why add connecting flights to the worry list if you don’t have to?

I have no problem spending more on things that I use/consume daily, which goes along with what other commenters have mentioned:

-food
-shoes
-mattresses
-furniture

I do think that price isn’t always an indicator of quality, though. It’s time-consuming, but for me, it’s been important to do some research for these purchases to make sure I’m getting the best (or at least an acceptable level of) quality whatever the price.

I have but one suggestion on something everyone should be willing to spend more on. A computer. Most people usually spend around $300-$500 for a new computer. Adding $100-$200 to that range when buying a laptop. Most people also don’t buy a new one on a set schedule.

When you buy a computer here is how it usually goes. The process almost always starts by getting fed up with your current machine. This really started with being annoyed at your computer on a regular basis. Your fed up and decide it is time to move on to a new relationship. Looking at the systems out there you see the sub-$300 systems and tell yourself “They’ll be just like my ex.” The reason you don’t just buy the least expensive computer out there is you know you want better.

So you start looking at systems in the $300-$500 range. You rationalize that you don’t want to spend too much but you want something good. You look at the more expensive systems too. You just don’t want that “high maintenance” relationship. You want a relationship that will be “stable”. Heck you can get an iPad or other tablet of choice for $500. So you settle.

The difference between the $500 machine and the $1000 machine is usually lost in the specs that really only nerds and your superego care about. I find the real difference is in hair. How long before you start tearing your hair out with your new relationship. And then how much are you tearing out. The specs don’t make as much difference to most people.

I’m not suggesting everyone should spend double on their new computers. Just that they should spend a little more. But what you pay extra for is also important. Pay extra in a computer for processing cores and generations. Looking at the CPU specs you’ll see a variable number (i3, i5, i7). There will usually be 3 generations you see. Now imagine the first (i3 in my example) as your friend that graduated high school. The next one (i5) is your college grad friend. Last (i7) is your friend with a graduate degree. As specs change sub in the current generations here. You’ll be able to tell or ask someone. Now the number of cores would be the number of friends you have helping you move. The more the better.

The second thing to spend more for is memory. Not hard drive size but usable memory. This is where all the work is done. The size of the room you work in. Hard drive is how big is your garage. You want more space in the room you work in. The last thing in a computer to spend more for is video/sound processing power if you will use them (do you play games, watch hd movies, edit video/sound)? If so get the best you can.

By spending more on a computer you are not going to get double the life out of it. Think bigger. If you reduce the frequency you buy new computers then you’ll look better. Compare that guy with bald spots on the side of his head (from tearing his hair out) to that same guy after going to Bosley or other hair treatment center (with a full head of hair). The guy with more hair is better looking.

Disclaimer : If you are a hardcore gamer then you will still but the system with the absolute best specs no matter what and this will not apply.

Not an option if you really need a full featured computer, with word processing (I type 150 page reports regularly), spreadsheets, etc. I’m typing this on an iPad, and I love it, but it could never be my main computer. I don’t pay for my own technology – I get it all through work, as I am in IT – but if I had to, I probably wouldn’t spend the cash for the iPad.

I’m a believer in the Consumer Reports concept of “Best Buy” — what gives the best value for the money. I buy highly-rated major appliances but look for ones that have been discounted for minor blemishes or an out-of-fashion color. When holiday pie- making comes around I buy Crisco to make the crusts because it just works better. In fact, in my family we call any item that we buy whatever the cost a “Crisco”!

I agree that it is worth it to buy the highest quality shoes and mattresses that you can afford, but high quality doesn’t always mean the most expensive.

I am not sure if this falls under what was asked for, but I would say get good health care insurance. I can not imagine not having proper coverage as I do not want to be worried about what will happen should I fall ill. If you have the option, go ahead and also get extra disability coverage individually – I know some people who only pay an extra 3 Euros per month (yes, 3 Euros) for 12 months coverage on full pay and then six months on 50% salary when on disability. This kicks in after their employer disability program runs out. I would not want to scrimp on my health.

Interesting. In the US, I don’t think many people buy supplemental health insurance. Our employer based systems vary widely on whats offered. I work for a company with $100B Euro in revenue, and they offer 3 options, and 2 of them are extremely similar (Different deductibles but the same network and options). Choice in the United States is relatively rare.

On a totally mundane note, I’m convinced that buying bar soap and candles at the more expensive end of the market literally saves me money compared with buying 2 or 3 of the cheaper item.

If I lived in a country where it was necessary, health insurance would be top of the list. Education is worth spending money on, although you should think about what you want to study carefully as some courses are more value for money than others.

I agree with people who said shoes and a winter coat – these things can last a long time if you buy quality and look after them, and there’s nothing worse than walking uncomfortably (or being cold!).

I agree! So many people here are saying “furniture” but I swore I’d never buy expensive furniture again after the experience I’ve had with my (expensive) dining room table and chairs breaking. Ikea all the way now. I’ll save money and it’s durable, especially with kids.

I agree. I’ve seen too many items from Ikea snap like twigs after a season. Cheap is relative though. I can spend more money on “cheap” items from Ikea than quality pieces from yard sales, thrift stores, estate sales, etc where I spent far less.

1) Cell phone. Up until a year ago, I had always gone for the free phone that came with the plan, until I finally got fed up with a) the horrible quality, and b) the range of features. At 25, I was probably the last person in my age group to buy a smart phone, but in plunking down the $100 for the upgrade to a Google Nexus S, I now have a phone that’s still comparable to the latest model and does everything I could ever want as far as GPS, weather, news updates, and I can sync all my google accounts to it flawlessly. And free texting with google voice, which saved me money once I ditched the text plan.

2) I completely agree on fitness. Whatever you spend on keeping yourself healthy (obviously spending within reason) pays itself off almost immediately. Healthier, both mind and body, and it also sets up a great cycle where you tend to eat healthier as well. At least in my experience.

3) I think someone already said mattress, but I’ll take it a step further and say the entire sheetset as well. I’m not saying blindly go out and buy the most expensive sheets you can find, but your bed is the LAST place you wanna scrimp. Barring my apartment catching on fire, no matter how crappy a day I had, I always know I have a freakin paradise waiting for me when I go to sleep.

I agree with #3! Sheets are so important, since you spend (potentially) 1/3 of your day there! A good set of sheets will last YEARS but a bad set will pill quickly, shrink, and can cause skin irritation in addition to making the bed a place you don’t want to be. And low sleep quality can translate to poor working, poor social skills, etc.

Thus good sheets, a good mattress, and a good pillow are three things you shouldn’t compromise on (within reason).

For example, I travel a lot, and a company I love is redoxx.com. They make soft-sided luggage and misc bags. We’re talking about bags here… nothing special or amazing.

But their bags ARE bloody amazing. You can over-stuff them forever, and the stitching, sides, zippers, will take it. Forever. I fully expect every item I have purchased from them to last until I die. As you might expect, they offer a Lifetime Warranty.

These are the sorts of companies to look for. And any company willing to offer a Lifetime Warranty is building quality products in the right frame of mind that you should be looking for.

Ten years ago, at a well-regarded local small-chain tire dealership, I bought 4 new tires for the car that I had purchased as a low-mileage certified used car a year earlier. The tires were quite expensive at almost $500 for the set (and they were small tires, for a compact car), but they came with a lifetime manufacturer’s warranty along with dealer-supplied free lifetime rotation and balance every 6,000 miles, and free lifetime alignment every 12,000 miles. Since I knew I was going to hold onto the car as long as possible, it seemed like a pretty good deal to me.

I didn’t know just how good it was. Since then, some 170,000 miles later, I have not paid a penny for tires or tire service (except for one tire I had to replace due to vandalism, which was not covered by the warranty). By paying a little extra up front, I have saved many hundreds of dollars.

This is going to sound silly – but if you can afford it buy the nicer toilet paper. Your rear will thank you and it’s not THAT much more expensive. (not talking about the scented lotion-ed stuff – but at least something with 2 plys)

Toilet paper — Not silly, totally true. If we’re going to work hard to earn money, that’s certainly an area where a person should say, “you know what, why the heck would I skimp on this.” Absolutely agree with spending extra on the toilet paper.

Orange juice — We used to joke in college that you can’t buy cheap orange juice. It was half-joking, but I still find it to be true. Cheap, store-brand OJ is terrible.

Strawberries — I never buy strawberries on sale. If they are half-price, it usually means they are going to go bad in 2 days, and I’ll throw out most of them anyway.

Tools — Cheap tools are terrible. I’m always getting random cheap tools as gifts, and they always end up breaking, bending, or just not working. Meanwhile, my Craftsman stuff just keeps on kicking.

TVs and DVD players – Pay for a good brand. If you are choosing between a 37″ Panasonic or Samsung or a 42″ off brand, get the smaller one. Same with 720p vs. 1080p, a 720p in a good brand will destrop a 1080p of an off brand (and that’s not even factoring in the fact that there’s a 99% chance you can’t tell the difference between 720 and 1080 anyway…). A Pioneer DVD player may cost 2 times what the cheap brand does, but it will last 3 times as well.

I agree with many of the items above so I won’t repeat. Here are my two cents:

- Bathing suit. I swim and go to aquafit for fitness, so I’m willing to fork out the extra cash for the appropriate swimwear. Less expensive bathing suits are fine for fresh water, but I learned the hard way they don’t stand up to chlorine.

- A car. (Yes, a car.) When I bought it ten years ago, I spent more for a car that was proven to be reliable and held its value well over time. The total cost of ownership for my car turned out to be a lot lower than if I had sought a cheaper sticker price.

Oh yes, cars. I think it worths to pay a bit more for a safer car. A friend has bought and old van, I haven’t told him, but I think he should have spent a bit more of money and to get a safer one, specially because he has a very young kid.

I’d actually generalize that to anything with a high operating cost relative to it’s purchase cost.

The caveat of course is that the spending should be on actual quality, not just to have spent more. This generally tends to fall into durable goods which you expect to get a lot of life out of them. So buying more efficient HVAC units, appliances, or cars can have a big impact on the overall cost. Spending more up front can save more later

What about an iPad or iPod over a generic version? Since there is much more app development on the Apple platforms, you probably get more bang for your buck on the tech front.
I think more generically, you could say tech with a big name behind it (Apple or Google)
…Ironically, I have a Sanyo mp3 player…

I have to disagree here. I bought Transcend mp3 player for half price of trendy mp3 player at that time and I have to say what a waste of money. I would not spend extra on any consumer electronics, the moment you open the box, the deduction is by 10%.
Same goes with generic android tablets, you get what you paid for.

I would instead spend money on a reliable car and many others already covered like cookware (including knives), shoes, mattress and food (I am not much into furniture).

Strongly agreed on winter coats. A well-made one will hold up much better.

I’ve finally thrown up my hands and started spending more on kids’ shoes, after my daughter managed to wear out a few pairs before she could even outgrow them. I’ve noticed the quality of kids’ shoes at lots of retailers seems to have gone down in the last few years.

Handbags. I’d always spent in the $30-50 range and gotten use to having to replace my bag every six to nine months. Last year I bit the bullet and bought a bag that retails for around $400 (though I got it for less than half that) after talking to people who had expensive bags and getting recommendations for one that would hold up for a long time. If I get more than two and a half years’ use out of it — and at this point I expect I’ll be able to get far more — I’ll come out ahead financially.

Similarly to handbags, as mentioned by Victoria, I would throw in sunglasses.

I spent years buying the cheapo dollar store sunglasses, and would lose or break them after a few weeks. On my 21st birthday, I bought myself a $200 pair of designer sunglasses as a birthday present. Almost 5 years later, I still have that exact same pair and they are holding up nicely, other than a few small scratches. It evens out to around 10 cents per day, which is a better rate than I was getting with the flimsy ones.

I have the same experience with watches. I used to buy cheap $15-20 watches, and would have to replace them once a year, or maybe a year and a half. I bought a still-inexpensive $60 watch five years ago, and it’s ticking away on my wrist right now!

As I repair and replace more and more things around my house, I’m finding that a good tool (with a good warranty) is worth the extra cash. The cheap ones? I save about $10 and I’m back next year to replace it, anyway.

My personal view is if it is a durable good, than buy the best quality that you can. This goes for tools to furniture to clothing(shoes/work boots),hunting/fishing/outdoor equipment- whatever. Appliances and car maintainance also fall into this catagory for me. I live in Iowa and dont want a “El Cheapo” car battery to fail in the dead of winter or cut rate tires to blow out at 60 mph. I guess that my view is that I will buy something and want it to last a long time. This does not mean that I buy name brand for a fashon statement or status, on the contrary I buy whatever and use it up untill its pretty worn out. This goes along with my frugality. It pencils out to buy something once and use it for 10 years than to buy something of less quality for less money and only get 3/4 years out of it and end up paying MORE money in 10 years because you end up buying 3 of the said product. Anyway, buy decent quality, take care of it and live frugaly.

Oh, one other thing: cookware, especially knives, pots, and pans. You don’t need the most expensive, but you should usually get the best (or close to it). In particular, you should almost always avoid sets of cookware or knives.

Cook’s Illustrated does excellent reviews on everything from pans to gadgets to knives to cleaning supplies, looking at durability, value, and performance. I’ve never gone wrong getting one of their highly recommended products.

A cast iron skillet or two is a great thing to have; they’re dirt cheap and indestructible if you treat them with any care at all. I am also a Le Crueset fangirl, and they’re the one exception I’d make to “avoid cookware sets,” because you can get very good deals on their sets and this stuff will last forever.

Victoria is spot on when she talks about Le Crueset. Im 42 years old and my mother has cookware that is as old as I am. She is a person who has done a Hell of a lot of cooking in her life and the Le Crueset is an example of a purchase of quality durable goods that last and end up being a frugal purchase, ie. the pans “penciled out”.

clothing. clothes that don’t pill and clothes that don’t need ironed. No-iron dress clothes, especially for men, cost more but are worth every penny. i get my husband’s on sale at lands end (and shirts also at costco). no dry cleaning, no pressing. saves us 10+ hours a week and/or oodles of clothing care money.

I would generally say maintenance: of your car, house, body, job related training, etc. It is usually worth the extra money to get a product that is good quality and will last a long time and it is a bad decision to ignore routine maintenance needs. This is especially true for big purchases like a new roof, a new HVAC unit, tires, running shoes, etc.

Also, insurance. It doesn’t cost very much to make sure that your family would be covered in case of disability or tragedy.

Sure, food and education are the two easy one. Anything that can affect health and well being, I try not to skimp on. What about physical stuff?
Jeans – I wear jeans almost everyday and a pair will get 1000+ wears. Might as well spend $50 on it and get a nice pair.

I spend my money on:
Gardening tools/ suplplies- a lot of the fresh produce I feed my family during the spring and summer months comes from my garden, so I need to have good quality tools that last
Food- We avoid processed food and try to buy locally produced food whenever possible, but this is often expensive. It will pay off in the long run though
Kitchen equipment/tools – I’ve had my KitchenAid mixer for nearly two decades and it’s still in tip top shape and I splurged on pots and pans

Things I don’t spend on-
Clothes – I buy all of my clothes from the local thrift store. Let’s face it, I’m a stay at home mother who’s in the garden most of the time and/or getting messy with my kids. I’m also not that high maintenance so it really doesn’t make sense for me to buy expensive clothes. That being said, when I am at the thrift store, I look for brands that make high quality clothes. The T-shirt that was $65 new will last me a lot longer than the one that was cheaper, and I still get it for cheap

Economists think about utility, meaning the value you get from things rather than just what they cost. It has frustrated my immensely during the recent recession how obsessed the media is with growth. GDP is a measure of the monetary value of what has been created, which is only a poor approximation for how much people enjoyed valued what was created. For example, creating $100k worth of lifesaving medication creates more utility for people than creating $100k worth of plastic toys to go in fast food meals. But GDP would look the same!

The question of what you should spend more on then becomes, ‘what items continue to give increasing utility when you spend more on them?’

e.g. a cheap rug is cosy under my feet. And cosiness is what I value in a rug. A very expensive rug probably isn’t much cosier, so might give only a little extra utility at a much higher cost. Not worth the extra money.

On the other hand, cheap foundation (make-up) makes me look a little better, but also a little orange, so doesn’t give me that much utility. A more expensive foundation makes me look much more polished for work and doesn’t lead to any breakouts. And it does that every single day! That gives me loads of utility, so I would pay the extra for my favourite foundation.

I second spending more on foundation! I’ll pay for the expensive version any time over a less expensive version that makes me break out or looks a little off. Being able to test it at the store helps too. I use it everyday, and it makes a huge difference in how I feel throughout the day.

I’ve experimented over the years with less expensive, drug store makeup, and I’ve rarely found that I liked the shade or consistency as much. Better to buy the ones you know and love than trying to scrimp and end up wasting money.

thirded. i can put on any old drug store blush, eyeshadow, lip color, etc, but drug store foundation is AWFUL. i barely spend any $$ on raw beauty equipment, but you bet i have a $60 thing of foundation for when things go down and i need to look all evenly skin toned.

I am a recent homebuyer and I would say that while you should definitely try to negotiate to get the best price for your home, a home inspection and a buyer’s attorney are two things you should spend the extra money for.

First of all, while a home inspection is not required by tyour lender, it is one of the best investments you can get. Not only will a home inspector let you know if your house is safe for inhabitance, but will also give you valuable information in which to re-negotiate with the seller for a lower price.

A great buyer’s attorney is also completely worth the extra cash. around 90% of brokers are ‘sellers’ brokers, which means that the standard Offer to Purchase and Purchase & Sales agreements are written for the seller. There are many examples of verbage and re-wording that needs to be changed by a competent buyer’s attorney. Do not get caught in the fact that the bank’s attorney will work for you! They only are there to protect the bank’s best interest, not yours!

There are many instances where a buyer has gone cheap for their attorney and been burned by the legalise. I would argue that you can cut corner’s in many instances in the homebuying process, but not with the home inspection or buyer’s attorney!

Appliances (refrigerator, stove, dishwasher) are worth the upgrade. I bought my house 7 years ago and all the appliances were brand-new, but the super-cheapest available, non-energy star, etc.

My fridge has been kicked to the curb–the aggravation of poor door seals got to me as did the waste of having frozen lettuce and other veg, wire shelves that things tipped over when set upon them, etc.

I upgraded to a mid-level fridge, energy star compliant, with reliable controls. This will save me $$ in terms of power consumption and less wasted food, but it also makes me happy to have a better quality fridge.

Shoes and socks. I used to get the cheapest I could find, but I would end up buy them again the following year. That was just a huge waste of money. I do comparison shop and take advantage of designer discount sites, but when I find a quality pair of shoes I love, I spend the money I need to spend on them.

I’ve learned the hard way purchasing for price more than for quality, and I’ve almost always ended up replacing the cheap with the more expensive higher quality items when it comes to:
- Shoes, specifically athletic and dress shoes. I’ve found that people are happier and healthier when their feet are happy and healthy. However, trendy shoes don’t generally get worn as often and aren’t expected to last, so don’t go overboard there.
- Mattresses. Nothing beats a good night’s sleep, and you won’t get as many nights on a cheap mattress as you will on a high quality mattress
- Professional/Work clothes. No matter if white collar or blue collar. Unless you’re going to trash your clothing, good quality work clothes will look better and last longer. When you look better, you feel better, you’re more confident and people will notice – in a good way.
- Cars. It is worth saving a little longer so that you can pay more for a more dependable car. Buying a new car is a waste of money – let some one else take the initial depreciation and buy one a year or two old. Don’t necessarily go for all the bells and whistles, but read reviews and do you homework before buying. Some cars are just more dependable than others. Buy one that will last and take care of it.
- Maintenance. Car, home, personal, etc. Don’t skimp on the maintenance. An ounce of prevention is worth a pound of cure.

I will slightly disagree with the orginal comment on education. Slightly. I agree that – for the most part – money spent on personal development is money well spent. However, as I’ve posted before, you need to be smart about how you spend that money. Do you need to go to Harvard to get an elementary education degree? No. You can get one for a fraction of the cost at your closest state-sponsored university – AND you might be able to live at home while you do so. Room and board can be more expensive than tuition at some schools. Same goes for graduate degrees. Do you need an MBA from a private, full-time program? Or can you go to a part-time program at a state school? Do you need an MBA from a Top 20 school ($50,000+)? Or do you just need/want an MBA? Many state schools offer quality part-time/online MBA programs for under $20,000. There is value in education, but make sure you’re getting the best value for your education.

• Organically grown fruit, vegetables.
• Grass-fed beef; free-range chicken and their eggs.
• Good long-lasting garden tools.
• A place to live in a beautiful, safe neighborhood.
• Classic clothing that lasts for years.
• Good walking shoes.

I agree with some of the others above. Some things that are important to me are:

Food: I will spend as much as I need to in order to feed my family quality produce and/or local produce.

Travel: I spend lavishly on vacations and travel and do not regret a single cent.

Insurance: This is something I have realized only recently. I am currently in the midst of settling a car accident in which I was rear ended and had two teeth knocked out and had to get dental implants and porcelain veneers. The person that hit me only had near state minimum coverage. Luckily, I have a high limit on my underinsured motorist policy. I never realized how important this would be until now!

I do not spend on electronics or gadgets of any kind. I buy all of my childrens clothes at garage sales or on craigs list. I wear many second hand clothes as well. I have two or three pairs of shoes and only one purse. These things are a waste of money to me.

My grandmother said “Buying cheap can be expensive” and I’ve taken that into account in this response. So I won’t “go cheap” on the following:
items for Charity or Samaritan’s Purse shoe boxes (I shop for sales, but I try to purchase better quality items)
Real food: – (junk I only buy if it is really, really on sale)
A good night’s sleep.
An adventure: I got my hair done in Paris for over $250 but I’m still enjoying the story.
Good shoes: Our feet do a lot of work for us and they need to be taken care of.
Crayons and Pencil crayons: Crayola crayons rock – even though they are more expensive, the colour is so much more vibrant. Ditto for Prisma colour pencil crayons and Sharpie markers.
Tupperware: My Tupperware has been standing the test of time for the last 24 years and continues to save me time and money!

I was taught by my family to pay extra for quality, especially clothes. If you buy something that is well made it will last longer, and in the long run you will save because you’re not replacing items as often. Note, that the emphasis is on well-made clothing, NOT status!

Generally speaking: if it is exactly what I want, then I pay extra for it rather than save a few dollars for something that is sorta close. The happiness of having the exact features, color, whatever, is worth the extra money.

Specific items: I get 90% of my exercise via classes – yoga, circuit-training, etc. I am experienced enough that I could do most of the stuff on my own at home, but I know that I am more likely to do it if I have the structure of a class. I’m picky about who I take classes from, but they are worth every penny.

Well, now I know why I don’t read CNBC…
that article was one big consumerist jag after another. Cash bars and wedding planners? Are you kidding me? Then the bottom of the article links to an article about what will happen to the Zuckerberg’s when they get divorced – they got married less than a week ago.
Quite frankly JD, I’m a little dissapointed that you associated yourself with this article and linked to it.

BTW: You’re article was much better. And I second the good cookware comment – I have an expensive pan I got as a wedding gift. Let’s say I use it 4x a week (a conservative estimate), 52 weeks a year, 7 years so far (1456 uses). That means if I lost it today it would have cost 8c per use – It still looks brand new. Same goes for my knives (which I use MORE often)

Good suggestions. I would add that my husband would have been better off when he got divorced from his ex spending the money on a really good lawyer. His lawyer was a milktoast and it went on for ages and cost him a fortune.

You are right. Our HOA was sued by the developer, twice. We hired an awesome attorney and he ran circles around the developers pathetic attorney. We prevailed in both cases. He is Harvard educated, but I’m not sure that it would matter where he got his law degree; he’s just plain awesome.

And, totally unrelated. Good conditioner for my hair. That is my splurge…although I don’t think it is a splurge because it lasts forever and I use very little even on my long hair.

I use just a small amount of Biolage deep conditioning. I am able to get it at an annual 30% off sale in a big tub. I know I could probably get a better deal but I’d run out at awkward times with the smaller bottles. 30% every time is a good balance for me.

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Paularadosays:

26 May 2012 at 2:28 pm

Aveda Rosemary Mint conditioner. I have straight, flyaway hair.

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Ash (in US)says:

29 May 2012 at 11:09 am

Thanks to you both! I’ll look into both, though the first may work better for me (super-curly hair).

Always your mattress. We spend a third of our lives in our beds, and a good mattress can make a world of difference for not only your sleep, but also any aches and pains (back pain, anyone?) you may have.

I recently paid up for a relatively expensive ($150) pair of sunglasses. I didn’t want to skimp on the health of my eyes, so I played it safe. They’re polarized, UV-protective, etc. However, there are MUCH cheaper sunglasses (~$30) that have apparently the same features. It really pained me to spend $150 on a pair of sunglasses when I couldn’t tell you why they’re more expensive than the $30 pair. After tirelessly searching online, the only reasons I could find as to why they’re so much more expensive is obviously the brand name (Ray-Ban) and apparently the polarization technology is a bit better.

So, I figure this is a good time and place to ask: does anyone know why two sets of sunglasses with similar features (polarized, UV-protective, metal frame, etc.) are so different in price?

My optometrist could test sunglasses to make sure they live up to their claims. Until I needed a prescription, I never spent more than $25 on a pair. (A couple of times, the cheap sunglasses didn’t live up to their protection claims, so you have to be careful.)

I do think brand name has a lot to do with it.

I won’t pay for designer labels, but I will pay for anti-glare and polarized coatings because they make a big difference for how I work and drive.

We need to spend adequate money on safety. For example, if you are buying a ladder, get a good solid well made ladder. Then be careful when you use it.

As for other items. I do not think money defines quality. Even though shoes, or clothing carry a “high end” name, it is important to take a good look at the item and decide if it is well made and whether it will work for you.

As for food, you may be surprised when you study this. Some lower priced fruits and vegetables have a great deal of helpful vitamins and other natural additives. Carrots and blueberries come to mind.

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